Turkish Real Estate

Turkish Law is reciprocal for foreigners buying real estate in Turkey - for example a British or Irish National can buy property in Turkey just as a Turkish National can buy property in Ireland or Britain. The process is like this:

Step 1 - You decide on the property you wish to purchase and a deposit is paid by yourself at the notary office where a translator will translate the document. The deposit is called kapi parasi or door money this is a legally binding agreement for yourself and for the owner of the property you are purchasing. A completion date will be set which is between 8 = 12 weeks.

Step 2 - You will give power of attorney to your lawyer so that he can complete the necessary paperwork on your behalf. This involves taxes, searches, changes of electricity and water meters to your name.

Step 3 - Your papers will be sent to the Military this is a formality. As a foreign purchaser there are certain restrictions - e.g. you are not allowed to own real estate beside military jandarma or police buildings.

Step 4 - 6-8 weeks after the deposit has been paid your paperwork will have been returned and be in the Tapu Office. This is the Deeds office and the transfer between yourself and the owner is now ready.

After paying your deposit it makes sense to open a bank account locally so that you can transfer your final payment of money to your account.

Apart from taxes in the sale purchase of the property you are buying, the only tax you should pay after this is a yearly tax on your property of half of one percent of the value of your house - this is updated every five years.